Page 124 COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) EMENTS Assume that V $7.500. On A () Prepare journal entries to record the merchandising transactions t below for August 2018, essuming that the perpetual inventory system is used Check fiure Total Debits $114.120 Prepare journal entries to record odditional tronsactions (o) and (b) en the following poge for Accounts Receivable related to uncollectible accounts (2) (e) Recoro (b) After r Prepare 3 Valley Isle Sports, Inc.'s fiscal year ends on August 31. Using the August 31, 2018 Adjusted Tria Balance (accounts listed in alphabetical order), prepare in good form, the 2018 fiscal year financial statements: the per (a) Detailed, Multistep Income Statement (include earnings per share: there were 125,000 shares of common stock outstanding throughout the year Chesk figure: Net Income $279,640, Current Ac 1-30 daysF 31-60 days 61-90 days Over 90 d Totals (b) Retained Earnings Stetement: Check figure Retained Earnings, Aug 31, 2018 $691560 (c) Classified Balance Sheet: Check figuce Total Assets $2,062,350 (4) Calculate liquidity, profitability, & solvency measures show all calculations and use the proper notation fr each answer (%, times, \). Round your final onewer to at least ene deeeel place (4. for a ratio stated as a percentage, show an emount calculated to be l04 376 as 104%) Presented below are selected inventory transoctions for Valley Isle Sparts, Inc. during August 2018 Ag 3 Purchased $28,200 of merchandise on credit from Surfboards.com, terms 2/10, n/30 6 Sold $3,700 of merchandise for cash to Bethany H. Cost of merchandise, $2,100. 12 Paid Surfboards.com the balance due from the August 3 purchsse (Chint: payment is within the 15 Purchased $19,500 of merchandise on credit from Ocean Pro Company, terms n/30, FOB 16 Paid $180 of shipping costs to We-Ship-It Co. for the merchandise purchased on August 15 8 Returned $900 of merchandise purchased from Ocean Pro Company on August 15 for aredit on After the to the acc are listed discount period) shipping point account Accou Accou Accru Accu Accu 20 Sold $4,800 of merchandise on credit to Duke K, terms 1/10, nv/30, FO8 destination. Cost of merchandise, $2,750. 22 Paid $50 of shipping costs to We-Ship-It Co. for the merchandise sold on August 20 23 Duke K returned $600 of merchandise sold on August 20 for credit on account. Cost of 29 Received payment in full from buke K for the balonce due from the sale on August 20, less the 30 Paid Ocean Pro Company the balance due from the August 15 purchase, less the August 18 merchandise returned, $340 Allow return on August 23 (hint: payment is within the discount period) return Page 124 COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) EMENTS Assume that V $7.500. On A () Prepare journal entries to record the merchandising transactions t below for August 2018, essuming that the perpetual inventory system is used Check fiure Total Debits $114.120 Prepare journal entries to record odditional tronsactions (o) and (b) en the following poge for Accounts Receivable related to uncollectible accounts (2) (e) Recoro (b) After r Prepare 3 Valley Isle Sports, Inc.'s fiscal year ends on August 31. Using the August 31, 2018 Adjusted Tria Balance (accounts listed in alphabetical order), prepare in good form, the 2018 fiscal year financial statements: the per (a) Detailed, Multistep Income Statement (include earnings per share: there were 125,000 shares of common stock outstanding throughout the year Chesk figure: Net Income $279,640, Current Ac 1-30 daysF 31-60 days 61-90 days Over 90 d Totals (b) Retained Earnings Stetement: Check figure Retained Earnings, Aug 31, 2018 $691560 (c) Classified Balance Sheet: Check figuce Total Assets $2,062,350 (4) Calculate liquidity, profitability, & solvency measures show all calculations and use the proper notation fr each answer (%, times, \). Round your final onewer to at least ene deeeel place (4. for a ratio stated as a percentage, show an emount calculated to be l04 376 as 104%) Presented below are selected inventory transoctions for Valley Isle Sparts, Inc. during August 2018 Ag 3 Purchased $28,200 of merchandise on credit from Surfboards.com, terms 2/10, n/30 6 Sold $3,700 of merchandise for cash to Bethany H. Cost of merchandise, $2,100. 12 Paid Surfboards.com the balance due from the August 3 purchsse (Chint: payment is within the 15 Purchased $19,500 of merchandise on credit from Ocean Pro Company, terms n/30, FOB 16 Paid $180 of shipping costs to We-Ship-It Co. for the merchandise purchased on August 15 8 Returned $900 of merchandise purchased from Ocean Pro Company on August 15 for aredit on After the to the acc are listed discount period) shipping point account Accou Accou Accru Accu Accu 20 Sold $4,800 of merchandise on credit to Duke K, terms 1/10, nv/30, FO8 destination. Cost of merchandise, $2,750. 22 Paid $50 of shipping costs to We-Ship-It Co. for the merchandise sold on August 20 23 Duke K returned $600 of merchandise sold on August 20 for credit on account. Cost of 29 Received payment in full from buke K for the balonce due from the sale on August 20, less the 30 Paid Ocean Pro Company the balance due from the August 15 purchase, less the August 18 merchandise returned, $340 Allow return on August 23 (hint: payment is within the discount period) return